SUI Soars 15% Daily, How High Can it Go? Three Things to Watch this Week (SUI Price Analysis)


SUI impressed today with its performance, but will it be enough?

Key Support levels: $1

Key Resistance levels: $1.4, $2

1. Strong Bounce at Key Support

SUI managed to bounce well off the support at $1 and has since rallied by more than 20% from that level. This puts the key resistance at $1.4 as the immediate target.

SUIUSDT_2024-01-24_15-24-39
Chart by TradingView

2. Price Action is Bullish

On the three-day chart, SUI is making higher highs and higher lows. As long as this continues, the bias will remain bullish. This will be re-confirmed if SUI breaks above the $1.4 resistance.

SUIUSDT_2024-01-24_15-24-56
Chart by TradingView

3. RSI Shows Strong Buy Pressure

The 3-day RSI has been above 50 points for months. This is both bullish and indicative of continuation, particularly because it made a higher high at 80 points before this correction started. Now, it has also made a higher low.

SUIUSDT_2024-01-24_15-26-28
Chart by TradingView

Bias

The bias for SUI is bullish.

Short-Term Prediction for SUI Price

It’s important to watch the key resistance at $1.4. If broken, then SUI will be more likely to continue its rally and approach its all-time high at $2.

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Cryptocurrency charts by TradingView.



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